Investment Rating - The report maintains a "Positive" investment rating for the communication equipment industry [7]. Core Insights - Meta has announced plans for two large-scale data center projects, Prometheus and Hyperion, to support its Superintelligence Lab, enhancing deployment efficiency through lightweight tent structures and on-site natural gas power generation [2][4]. - Oracle and OpenAI have confirmed a 4.5GW expansion of the Stargate data center, accelerating overseas AI infrastructure development [2]. - The report suggests that the AI industry is at a "Davis Double-Click" moment, with accelerated commercialization driving PE valuation increases, particularly in the optical module and optical device sectors [2]. Summary by Sections Event Description - On July 14, Meta announced the construction of two large-scale data centers in the U.S. to support AI development, with the Prometheus project in Ohio and Hyperion in Louisiana [4]. - On July 22, Oracle and OpenAI announced a 4.5GW expansion of the Stargate data center capacity, increasing the previous agreement by nine times [4]. Event Commentary - Meta's new data centers will utilize a tent structure for faster deployment, with Prometheus expected to be completed by 2026 and Hyperion by early 2030, with a total investment of approximately $10 billion [10]. - The DSF architecture developed by Meta is expected to increase the usage of network components, with a focus on modularity and open-source collaboration [10]. - The Stargate project, now exceeding 5GW in total capacity, represents one of the largest AI cloud collaborations globally, equivalent to a quarter of the current operational data center capacity in the U.S. [10]. Investment Recommendations - The report highlights the potential for significant growth in the optical module and optical device sectors, recommending companies such as Zhongji Xuchuang, Xinyi Technology, Tianfu Communication, and Shijia Photon, while also monitoring Tai Chen Guang, Yuanjie Technology, and Changfei Fiber [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The TDI market price is expected to rise significantly, reaching 16,250 RMB/ton by July 22, 2025, an increase of 5,969 RMB/ton (+58.1%) compared to April 24, 2025 [5][10]. - The company's capital expenditure is slowing down, which may lead to improved cash flow [5][10]. - The global TDI supply has contracted significantly, with major production facilities undergoing maintenance, leading to a strong price increase in the market [10]. - MDI prices are anticipated to rise due to a favorable industry environment, with the company planning to enhance its supply chain stability through strategic partnerships [10]. - The company is expanding its fine chemicals and new materials segments, achieving significant technological breakthroughs [10]. - A reduction in capital expenditure is expected to improve cash flow, with planned investments decreasing from 401.5 billion RMB in 2024 to 252.4 billion RMB in 2025 [10]. Summary by Sections Market Overview - The TDI market is experiencing a notable price increase due to supply constraints from major manufacturers undergoing maintenance [10]. - The company is positioned to benefit from the anticipated demand and supply dynamics in the MDI market [10]. Financial Performance - The company’s projected net profits for 2025, 2026, and 2027 are 132.0 billion RMB, 173.9 billion RMB, and 190.5 billion RMB, respectively [10]. Strategic Initiatives - The company is focusing on enhancing its competitive edge in the petrochemical sector by integrating its supply chain and improving operational efficiency [10]. - The successful launch of new products in the fine chemicals and new materials sectors indicates strong growth potential [10].

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 本轮债市的调整空间和可能拐点 报告要点 [Table_Summary] 今年 7 月 15 日-7 月 24 日，债市面临调整压力。当前债市对价格敏感，包括股票为代表的资产 价格，以及各类"反内卷"和供给侧改革相关的商品期货现货价格指数。物价改善的方式之一， 是改善当前的融资挤占问题，使得产出缺口回正；物价改善的另一种方式，是为价格的快速上 涨找到需求方，内部加杠杆、外部出口改善。债市对货币流动性及基本面不太敏感，这两点在 未来一段时间可能都不构成债市交易主线。关注通胀变化及主要整改行业的物价传导情况，观 察 10 年期国债收益率在 1.75%-1.8%之间是否出现拐点。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% 赵增辉 马玮健 SAC：S0490524080003 SFC：BVN394 %% %% research.95579.com 1 [Table_Title2] 本轮债市的调整空间和可能拐点 [Table_Summary2] 事件描述 近期（7 月 15 日-7 月 23 日，下同）债市面临 ...

Investment Rating - The report assigns a "Buy" rating for the company [5][14]. Core Insights - The current landscape of the tea beverage industry is thriving, driven by the delivery battle and the peak season, with the company positioned as a leading player in the ready-to-drink tea market. The company is expected to achieve significant revenue growth, with projected revenues of 110.3 billion, 127.5 billion, and 147.0 billion yuan for 2025-2027, and net profits of 19.4 billion, 22.8 billion, and 26.5 billion yuan respectively [5]. Company Overview - The company, founded in 2010 in Zhejiang, has established itself as a leader in the ready-to-drink tea market, focusing on supply chain efficiency to support store expansion. As of 2024, the company achieved revenues of 87.91 billion yuan, a year-on-year increase of 14.54%, with adjusted net profits reaching 14.93 billion yuan, up 5.69% [9][21]. Market Position - The ready-to-drink tea market has evolved beyond basic product functionality, becoming a medium for young consumers to express lifestyle and values. The company holds a 9% and 18% market share in the overall and mass market segments respectively, ranking second overall and first in the mass market [10]. Competitive Advantages - The company has built a robust competitive edge through comprehensive support for franchisees and optimized supply chain management, allowing for profitable expansion without sacrificing quality. The company boasts the largest cold chain logistics infrastructure in the industry, with an average delivery cost of 0.9% of GMV, lower than the industry average of 2% [11]. Future Growth Potential - The company employs a regional density strategy, aiming for 500 stores per province as a key scale node. It currently operates in eight provinces, capturing 25% of the mass ready-to-drink tea market. The company has significant room for expansion, with estimates suggesting over 9,866 potential new stores in a neutral scenario and up to 19,314 if it continues to expand into currently unentered cities [12]. Financial Overview - The company has demonstrated resilient financial performance, with revenues of 87.91 billion yuan in 2024, driven by store expansion and increased demand for products. The revenue structure remains stable, with product sales accounting for nearly 80% of total revenue [38]. The adjusted net profit margin has shown fluctuations but remains competitive within the industry [43].

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [13]. Core Insights - The petrochemical industry is experiencing a historical trend of "anti-involution," which is expected to accelerate under current industry conditions. The focus is on high concentration in midstream sectors like refining and ethylene, with attention on policy developments and execution progress. Downstream chemical products are facing profitability pressures, but certain sub-industries with high concentration may benefit from anti-involution policies [4][10]. Summary by Sections Current Focus on "Anti-Involution" in the Petrochemical Industry - The period from October 2022 to June 2025 has seen China's PPI in negative territory for 33 consecutive months, marking a significant historical record. This indicates the formation of "involution negative feedback." Industrial capacity utilization has declined from 78.4% in Q2 2021 to 74% in Q2 2025, approaching the 2016 low of 73.8%. The profitability of industrial enterprises is also declining, with profit margins dropping to 5.39% in 2024, the lowest since 2003. Administrative intervention is needed to promote rebalancing [7][22][20]. Opportunities and Challenges in the Petrochemical Industry - The concept of "anti-involution" has been present in the petrochemical industry for some time. Initial policies aimed at promoting energy conservation and carbon reduction also contain elements of anti-involution. Policies set a production capacity cap of 1 billion tons for the refining industry and implement capacity reduction and replacement policies. The focus is on optimizing the industry structure and layout through control of total capacity, scale, and efficiency indicators [8][32]. Logic of "Anti-Involution" in the Petrochemical Industry - The midstream sector of the petrochemical industry is highly concentrated, primarily among state-owned and private refining enterprises. The report emphasizes the need to monitor the progress of policy-driven capacity clearance for smaller refineries, which may benefit the main refining enterprises. The overall profitability of downstream chemical products is under pressure, but high-concentration companies have a stronger willingness and ability to reduce production [9][42]. Future Policy Tracking and Potential Benefits for the Refining Industry - If the anti-involution policies can effectively eliminate outdated capacity, the industry may gradually optimize supply-side dynamics. This, combined with a slowdown in overseas petrochemical growth, could lead to a new upward cycle for the industry. Key areas of focus include the elimination of outdated refining and chemical capacities, which may benefit related companies [10][11]. Investment Recommendations - The report suggests focusing on the refining sector, highlighting key players such as Sinopec, PetroChina, and Huajin Co., along with private refiners like Hengli Petrochemical and Rongsheng Petrochemical. Additionally, it recommends coal chemical leaders like Baofeng Energy and gasification leaders like Satellite Chemical [11].

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The high-performance copper foil industry is transitioning from quantity to quality, with a clear trend towards high-end products driven by technological advancements and increasing demand from downstream applications [8][30]. - The domestic copper foil market is experiencing a trade deficit, with imports of electronic copper foil expected to decrease slightly in 2024, while import prices are rising [15]. - The demand for AI infrastructure is robust, leading to an increase in both volume and price for PCB and CCL products, with a projected compound annual growth rate of approximately 40.2% for AI server-related PCB products from 2023 to 2028 [16]. Summary by Sections High-Performance Copper Foil - The report highlights the technological upgrade paths for electrolytic copper foil, categorizing them into lithium battery copper foil and electronic circuit foil, with increasing performance requirements due to growing downstream demand [8]. - High-value-added copper foil is expected to enhance profitability by 2025, particularly in applications such as AI servers and IC packaging [8]. Supply and Demand Dynamics - The report notes that the high-end copper foil market is still reliant on imports, with major suppliers from Japan and Taiwan dominating the market [36]. - Domestic manufacturers are focusing on high-end copper foil products, with ongoing developments in new product lines that support profitability [39]. Market Trends - The report indicates that the copper foil industry is undergoing a transformation, with a shift towards high-end products and increasing competition from domestic manufacturers [39]. - The demand for high-frequency and high-speed applications is driving the need for advanced copper foil technologies, which are characterized by lower surface roughness and higher peel strength [30][39]. Future Outlook - The report anticipates that the domestic market will see a gradual increase in the production of high-performance copper foil, with several manufacturers already in the process of product validation and small-scale production [39][40].

Investment Rating - The report assigns a rating of "Buy" for Beijing Bank [10]. Core Views - Beijing Bank is a leading city commercial bank with a broad national presence, focusing its credit structure on core regions such as the Yangtze River Delta. The bank has seen a recovery in corporate lending, which has driven credit growth as historical risks have been cleared [2][6]. - The bank's asset-liability structure is stable with low volatility, resulting in a net interest margin that fluctuates less than its peers. The cost of deposits is expected to continue improving, enhancing the bank's competitive edge [2][8]. - The non-performing loan ratio has decreased, with expectations for further improvement in asset quality and provisioning [2][9]. - The bank's projected price-to-book (PB) ratio for 2025 is 0.50x, indicating significant undervaluation compared to its peers in the banking sector [2][10]. Summary by Sections Regional Layout - Beijing Bank has established 628 branches across 12 provinces, municipalities, Hong Kong, and Amsterdam, optimizing its branch network for efficiency. The credit structure has shifted towards the Yangtze River Delta, with loan growth in Shanghai, Zhejiang, and Jiangsu expected to reach a compound annual growth rate of 17% from 2021 to 2024 [6][22]. Asset-Liability Structure - The bank's asset structure is more aligned with joint-stock banks, with a higher loan-to-asset ratio and lower financial investment ratio compared to peers. This stability results in a net interest margin of 1.47% for 2024, with lower volatility in earnings due to a higher proportion of loans [8][38]. Corporate Loan Risk Management - The bank has effectively managed corporate loan risks, with a non-performing loan ratio projected to decrease to 1.30% by the end of Q1 2025. The bank has maintained a stable net generation rate of non-performing loans, with a focus on managing risks in the real estate sector [9][20]. Profitability and Investment Recommendations - The bank is viewed as a stable dividend asset with a consistent payout ratio of around 30%. The expected dividend yield for 2025 is 4.7%, making it an attractive investment opportunity. The bank's valuation is significantly undervalued at a projected PB of 0.50x, warranting a "Buy" rating [10][12].

丨证券研究报告丨 联合研究丨公司点评丨赛恩斯（688480.SH） [Table_Title] 赛恩斯：品类再扩张打开成长空间，扣非业绩目 标复合增速达 17.0% 报告要点 [Table_Summary] 7 月 21 日晚公司发布公告：①拟投资建设年产 10 万吨高效浮选药剂建设项目；②拟投资建设 年产 6 万吨高纯硫化钠项目；③披露股权激励计划（草案）。2024Q1 以来公司持续拓展铜萃取 剂、铼酸铵、高效浮选药剂、高纯硫化钠产品，看好技术优势带来的品类扩张，有望打开新的 成长空间。 分析师及联系人 [Table_Author] 徐科 王鹤涛 王筱茜 李博文 SAC：S0490517090001 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490524080004 SFC：BUV415 SFC：BQT626 赛恩斯（688480.SH） cjzqdt11111 [Table_Title 赛恩斯：品类再扩张打开成长空间，扣非业绩目 2] 标复合增速达 17.0% [Table_Summary2] 事件描述 7 月 21 日晚公司发布公告：①新建高效浮选药剂项目： ...

Investment Rating - The investment rating for TCL Electronics is "Buy" and is maintained [8]. Core Views - The company has released a positive mid-year profit forecast for 2025, expecting an adjusted net profit attributable to shareholders of HKD 950 million to HKD 1.08 billion, representing a year-on-year growth of 45% to 65% compared to the same period in 2024 [2][5]. - The company's global strategy focusing on "globalization" and "mid-to-high-end" products is showing initial success, with a significant increase in the shipment of large-screen TVs and Mini LED TVs [5]. - TCL's TV shipments reached 13.46 million units in the first half of 2025, a year-on-year increase of 7.6%, maintaining a top-two global ranking [5]. Summary by Sections Company Overview - TCL Electronics is experiencing a structural upgrade in its product offerings, coupled with cost optimization, leading to impressive growth in net profit [5]. Financial Performance - The company anticipates a substantial increase in net profit for the first half of 2025, with projections of HKD 950 million to HKD 1.08 billion, marking a 45% to 65% increase from the previous year [2][5]. - Revenue forecasts indicate a steady growth trajectory, with expected revenues of HKD 114.65 billion in 2025, up from HKD 99.32 billion in 2024, reflecting a growth rate of 15.4% [9]. Market Position - TCL's global TV shipment volume is on the rise, with a notable 176.1% increase in Mini LED TV shipments, positioning the company as a leader in this segment [5]. - The company has strengthened its market presence in both international and domestic markets, with significant growth in large-screen TV sales [5]. Strategic Initiatives - The company is enhancing its global supply chain and brand marketing, having become a global partner of the Olympics in early 2025 [5]. - In the Chinese market, TCL is advancing its dual-brand strategy with "TCL + Thunderbird," achieving a 10.2% year-on-year increase in shipments [5]. Operational Efficiency - TCL has improved its operational efficiency through digital transformation and automation, leading to a reduction in overall expense ratios [5].

[Table_Title] 基金二季报：公募转债持仓有什么偏好 报告要点 丨证券研究报告丨 金融工程丨点评报告 [Table_Summary] 截至 2025 年二季度末，持有转债的公募基金数量达到 1721 只，规模高达 2616 亿元，公募基 金持仓市值占比高达 33.26%。相比于全市场转债，基础化工和有色金属的超配比例较高，均 在 1%以上，而非银、电力及公用事业和建筑相对较为低配。全市场基金偏好评级低、正股市 值小、BS 定价溢价率低、转换价值高、转债价格高的转债。 分析师及联系人 [Table_Author] 刘胜利 覃川桃 SAC：S0490517070006 SAC：S0490513030001 SFC：BWH883 SFC：BUT353 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 基金二季报：公募转债持仓有什么偏好 公募基金 2025 年二季报已全部披露，据此可获取转债持仓。 公募转债持仓的规模如何，行业和风格偏好怎样？本报告将从统计维度分析这些问题。 事件评论 丨证券研究报告丨 cjzqdt11111 202 ...